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The Westwood Apartments & Retail 9025 35th Ave SW 13,915 SF 100% Leased Retail Building Seattle, WA 98126 $4,025,000 ($289.26/SF) 5.40% Cap Rate
INVESTMENT HIGHLIGHTS
- Mixed-Use Income: 15 apartment units averaging 715 SF along with 4 commercial units.
- Historically High Occupancy: The Westwood currently maintains 100% occupancy providing stable rental income
- Well-Maintained with Upside
- Building upgrades include new laundry room, mailboxes, fire panel and alarm bells, and 100% copper plumbing
EXECUTIVE SUMMARY
Introducing The Westwood, a lucrative investment opportunity located at 9025 35th Ave SW, Seattle, WA 98126. This well-maintained property features 15 residential units and four commercial spaces, offering a mix of one and two-bedroom units. With nine units already renovated and a 100% occupancy rate, new ownership can capitalize on the remaining six classic units to increase value by aligning rents with market rates. The property boasts recent upgrades like a new laundry room, mailboxes, fire panel, and alarm bells, along with breaker panels for all electrical systems and copper plumbing. Situated near Westwood Village shopping center and offering 14 parking spaces, The Westwood presents a diverse income potential in a prime location. With historically high occupancy rates and strong market fundamentals, this mixed-use property is a promising investment with ample upside for savvy investors looking to capitalize on the thriving Seattle real estate market.
Mixed-Use Income: The Westwood offers diverse revenue streams as a mixed-use investment, featuring 10 one-bedroom and five two-bedroom units averaging 732 square feet, along with four commercial units on site.
Well Maintained with Upside: Six of the units are in classic condition, providing new ownership the opportunity to complete renovations and capitalize on projected market and post-renovation cap rates of 5.93% and 6.42%, respectively.
Historically High Occupancy: The Westwood currently maintains a 100% occupancy rate, indicating strong rental demand and stable rental income; average occupancy for the submarket reached 95.6% as of Q1 2025, up 170 basis points year-over-year.
Strong Submarket Fundamentals: Since 2020, the submarket’s effective rent has increased 19% and is projected to reach $2,116 by year-end, with an annual growth of 2.4%.
Mixed-Use Income: The Westwood offers diverse revenue streams as a mixed-use investment, featuring 10 one-bedroom and five two-bedroom units averaging 732 square feet, along with four commercial units on site.
Well Maintained with Upside: Six of the units are in classic condition, providing new ownership the opportunity to complete renovations and capitalize on projected market and post-renovation cap rates of 5.93% and 6.42%, respectively.
Historically High Occupancy: The Westwood currently maintains a 100% occupancy rate, indicating strong rental demand and stable rental income; average occupancy for the submarket reached 95.6% as of Q1 2025, up 170 basis points year-over-year.
Strong Submarket Fundamentals: Since 2020, the submarket’s effective rent has increased 19% and is projected to reach $2,116 by year-end, with an annual growth of 2.4%.
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PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
13,915 SF
Building Class
C
Year Built
1965
Price
$4,025,000
Price Per SF
$289.26
Cap Rate
5.40%
NOI
$217,239
Percent Leased
100%
Building Height
3 Stories
Building FAR
1.16
Lot Size
0.28 AC
Zoning
NC2P-55 (M)
Parking
14 Spaces (1.01 Spaces per 1,000 SF Leased)
Walk Score®
Very Walkable (78)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 249120-0905 | Improvements Assessment | $2,438,400 |
| Land Assessment | $1,142,600 | Total Assessment | $3,581,000 |
PROPERTY TAXES
Parcel Number
249120-0905
Land Assessment
$1,142,600
Improvements Assessment
$2,438,400
Total Assessment
$3,581,000
CONTACTS
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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